KBRA Releases Report Affirming AA+ Rating, Stable Outlook on State of New York General Obligation Bonds

On December 13, 2024, KBRA affirmed the long-term rating of AA+ on the State of New York General Obligation Bonds. The Outlook is Stable. The rating reflects the State's resilient and diversified economic base, ample liquidity, manageable fixed costs and fully funded pension system. A strong statutory and legal framework supporting financial management and debt policies underpins the rating. Exceptional growth in General Fund tax receipts since FY 2021, the result of Federal stimulus and resurgent economic activity, has allowed the State to significantly expand investments in key initiatives such as MTA operational funding, asylum seeker assistance, health care, public safety and SUNY endowment support, all while growing reserves.

To access ratings and relevant documents, click here.

Click here to view the report.